Bullish Options Activity on CIT Group Inc. Surges After Better Fundamentals

 Bullish Options Activity on CIT Group Inc. Surges After Better Fundamentals

In today’s session CIT Group Inc. (CIT) registered an unusually high (974) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the January, 2017 call, expecting serious CIT increase. With 974 contracts traded and 95244 open interest for the Jan, 17 contract, it seems this is a quite bullish bet. The option with symbol: CIT170120C00035000 closed last at: $3.25 or 6.6% up. About 1.37M shares traded hands or 9.60% up from the average. CIT Group Inc. (NYSE:CIT) has risen 17.65% since March 1, 2016 and is uptrending. It has outperformed by 8.41% the S&P500.

Analysts await CIT Group Inc. (NYSE:CIT) to report earnings on November, 1. They expect $0.78 earnings per share, up 200.00% or $0.52 from last year’s $0.26 per share. CIT’s profit will be $156.77M for 11.64 P/E if the $0.78 EPS becomes a reality. After $0.90 actual earnings per share reported by CIT Group Inc. for the previous quarter, Wall Street now forecasts -13.33% negative EPS growth.

CIT Group Inc. (NYSE:CIT) Ratings Coverage

Out of 15 analysts covering CIT Group (NYSE:CIT), 5 rate it a “Buy”, 1 “Sell”, while 9 “Hold”. This means 33% are positive. $57.0 is the highest target while $30 is the lowest. The $39.76 average target is 9.47% above today’s ($36.32) stock price. CIT Group has been the topic of 26 analyst reports since July 23, 2015 according to StockzIntelligence Inc. Nomura maintained CIT Group Inc. (NYSE:CIT) rating on Tuesday, May 3. Nomura has “Neutral” rating and $33 price target. The firm has “Hold” rating by Deutsche Bank given on Thursday, January 21. The company was initiated on Friday, August 21 by DA Davidson. The rating was downgraded by Bank of America to “Underperform” on Friday, April 29. Barclays Capital maintained CIT Group Inc. (NYSE:CIT) on Friday, July 29 with “Equal-Weight” rating. The firm has “Neutral” rating by Citigroup given on Wednesday, February 3. The rating was reinitiated by Goldman Sachs on Friday, August 14 with “Neutral”. The firm earned “Neutral” rating on Monday, March 28 by Sterne Agee CRT. As per Wednesday, November 4, the company rating was maintained by Oppenheimer. Oppenheimer maintained CIT Group Inc. (NYSE:CIT) on Tuesday, January 5 with “Outperform” rating.

Insitutional Activity: The institutional sentiment increased to 1.11 in Q2 2016. Its up 0.11, from 1 in 2016Q1. The ratio improved, as 42 funds sold all CIT Group Inc. shares owned while 80 reduced positions. 27 funds bought stakes while 108 increased positions. They now own 182.30 million shares or 0.06% more from 182.19 million shares in 2016Q1.
Sumitomo Mitsui Tru, a Japan-based fund reported 538,386 shares. Moreover, Fmr Lc has 0.03% invested in CIT Group Inc. (NYSE:CIT) for 7.37M shares. Principal Fincl accumulated 34,000 shares or 0% of the stock. Adirondack Trust Com, a New York-based fund reported 120 shares. Macquarie Group Incorporated Ltd has invested 0% of its portfolio in CIT Group Inc. (NYSE:CIT). Oregon Employees Retirement Fund last reported 29,193 shares in the company. Metropolitan Life Co Ny last reported 0% of its portfolio in the stock. Guggenheim Cap Ltd owns 17,440 shares or 0% of their US portfolio. Kemper Corporation holds 7,026 shares or 0.13% of its portfolio. Winfield Assoc reported 30 shares or 0% of all its holdings. Dalton Greiner Hartman Maher And accumulated 0.73% or 367,390 shares. Fsi Gru Incorporated Ltd Company last reported 60,000 shares in the company. Joel Isaacson Ltd has 0% invested in the company for 153 shares. X Ltd Liability Corp accumulated 0.01% or 3,733 shares. The Quebec – Canada-based Fiera Cap Corp has invested 0.01% in CIT Group Inc. (NYSE:CIT).

CIT Group Inc. is a bank holding company. The company has a market cap of $7.30 billion. The Company, together with its subsidiaries, provides financing, leasing and advisory services to middle market companies in a range of industries in North America, and equipment financing and leasing solutions to the transportation industry around the world. It has a 6.01 P/E ratio. The Company’s divisions include North America Banking (NAB), including Commercial Real Estate, Commercial Banking and Consumer Banking divisions; Transportation & International Finance (TIF), including Aerospace, Rail, Maritime Finance and International Finance divisions, and Legacy Consumer Mortgages (LCM), which includes single-family residential mortgage (SFR) loans and reverse mortgage loans.

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